Reference no: EM133034802
Question - Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:
Direct materials: 8 microns per toy at $0.32 per micron
Direct labor: 1.1 hours per toy at $7.20 per hour
During July, the company produced 4,700 Maze toys. The toy's production data for the month are as follows:
Direct materials: 73,000 microns were purchased at a cost of $0.28 per micron. 26,000 of these microns were still in inventory at the end of the month.
Direct labor: 5,570 direct labor-hours were worked at a cost of $43,446.
Required - Compute the following variances for July:
a. The materials price and quantity variances.
b. The labor rate and efficiency variances.
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